Goodyear Tire & Rubber (NASDAQ:GT) Shares Down 10.2%

The Goodyear Tire & Rubber Company (NASDAQ:GT) shares were down 10.2% on Monday . The stock traded as low as $8.30 and last traded at $8.31. Approximately 8,419,760 shares changed hands during trading, an increase of 135% from the average daily volume of 3,589,301 shares. The stock had previously closed at $9.25.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. StockNews.com upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research note on Thursday, May 16th. Morgan Stanley initiated coverage on shares of Goodyear Tire & Rubber in a report on Thursday, June 13th. They set an “equal weight” rating and a $14.00 price target for the company. Finally, HSBC reduced their target price on Goodyear Tire & Rubber from $16.80 to $15.90 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.23.

Goodyear Tire & Rubber Price Performance

The business has a 50-day moving average price of $11.48 and a 200 day moving average price of $12.31. The company has a market cap of $2.38 billion, a price-to-earnings ratio of -3.69 and a beta of 1.74. The company has a current ratio of 1.06, a quick ratio of 0.60 and a debt-to-equity ratio of 1.41.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Wednesday, July 31st. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.10. Goodyear Tire & Rubber had a negative net margin of 1.82% and a positive return on equity of 6.55%. The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.78 billion. During the same period in the previous year, the business earned ($0.34) EPS. The company’s revenue was down 6.1% on a year-over-year basis. As a group, research analysts expect that The Goodyear Tire & Rubber Company will post 1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP grew its position in shares of Goodyear Tire & Rubber by 48.2% in the fourth quarter. Wellington Management Group LLP now owns 14,978,975 shares of the company’s stock valued at $214,499,000 after purchasing an additional 4,870,381 shares during the last quarter. Norges Bank acquired a new stake in Goodyear Tire & Rubber in the 4th quarter valued at approximately $66,842,000. National Bank of Canada FI lifted its holdings in shares of Goodyear Tire & Rubber by 2,944.7% during the first quarter. National Bank of Canada FI now owns 1,666,708 shares of the company’s stock worth $21,600,000 after buying an additional 1,611,966 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Goodyear Tire & Rubber by 2.6% in the first quarter. Vanguard Group Inc. now owns 29,867,596 shares of the company’s stock valued at $410,082,000 after acquiring an additional 765,529 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Goodyear Tire & Rubber by 3.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 16,501,327 shares of the company’s stock worth $236,302,000 after acquiring an additional 557,038 shares during the last quarter. 84.19% of the stock is owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It offers various lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington brands and various house brands, as well as under the private-label brands.